# Richard Heart: a controversial crypto entrepreneur
Richard Heart, real name Richard Schueler, is an American entrepreneur who made his name in the world of cryptocurrency by launching several projects, including Hex, PulseChain and PulseX. These projects attracted millions of dollars from investors, but also sparked widespread criticism and accusations of fraud.
## Hex: a token that promises high returns
Hex is Richard Heart's first project, launched in 2019. It is an ERC-20 token based on the Ethereum blockchain, which presents itself as a "certificate of deposit" on the blockchain. Users can get Hex for free if they own Bitcoin, or buy them with Ethereum. They can then “stake” their Hex, that is to say block them for a specific period, and receive interest in Hex.
Richard Heart claims that Hex is designed to outperform Bitcoin and Ethereum, and can deliver returns of up to 40% per year. He also claims that Hex is the only token that complies with the rules of the SEC, the financial markets regulator in the United States. He even hosted an event called “BigPayDay” in 2020, which distributed Hex bonuses to users who staked their tokens.
However, Hex has also been described as a "scam" by many observers, who have pointed out the lack of transparency, the pyramidal nature and the risk of manipulation of the project. Indeed, Richard Heart would control a large part of the Hex supply, and could take advantage of this to influence the price of the token to his advantage. Additionally, there is no guarantee that users will be able to recover their Hex at the end of the staking period, nor that the token has any real value on the market.
## PulseChain and PulseX: forks of Ethereum and Uniswap
Building on the supposed success of Hex, Richard Heart launched two other projects in 2021: PulseChain and PulseX. PulseChain is a fork (a modified copy) of the Ethereum blockchain, which aims to offer faster, cheaper and more environmentally friendly transactions. PulseX is a fork of the decentralized exchange protocol Uniswap, which allows users to trade ERC-20 tokens on the PulseChain blockchain.
Richard Heart raised funds for these two projects, offering investors the opportunity to send Ethereum or Hex in exchange for Pulse (PLS) and PulseX (PLSX) tokens. He thus raised more than a billion dollars, according to his own declarations. He also announced that ERC-20 token holders on the Ethereum blockchain would receive free copies of their tokens on the PulseChain blockchain, which sparked the interest of many users.
However, PulseChain and PulseX have also been the subject of criticism and suspicion, including from the SEC, which filed charges against Richard Heart in August 2021. The SEC accuses Richard Heart of violating the securities, by selling unregistered securities, and defrauding investors, by spending part of their funds to purchase luxury goods, such as watches, cars and diamonds. SEC seeks freezing of Richard Heart's assets, investor reimbursement and civil penalties.
## Conclusion
Richard Heart is a controversial figure in the cryptocurrency community, who has launched ambitious, but also dubious, projects. His projects, Hex, PulseChain and PulseX, have attracted millions of dollars from investors, but have also attracted widespread criticism and accusations of fraud. Richard Heart is currently facing American justice, which could put an end to his activities and his dreams of wealth. ¹²³⁴.
(1) Hex, Richard Heart's shady new project - Cryptoast. https://cryptoast.fr/hex-le-nouveau-projet-louche-de-richard-heart/.
(2) $1 billion crypto scam: HEX founder Richard Heart.... https://journalducoin.com/actualites/scam-crypto-1-milliard-fondator-hex-richard-heart-sec/ .
(3) The SEC is suing the American Richard Heart accused of having .... https://conseilscrypto.com/la-sec-poursuit-en-justice-richard-hex-pulsex-pulsechain/.
(4) The SEC charges Richard Heart and his three cryptocurrency projects.... https://crypto-blockchai-334d34dhr1.live-website.com/la-sec-charge-richard-heart-et-ses- three-cryptocurrency-projects-hex-pulsechain-and-pulsex-the-volkov-legal-group/.
